Measurement and Valuation of Innovation Capital

• Main Authors: Ya-Hui Chung, 鍾雅惠
• Other Authors: Chin-Chen Yeh
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/30099937307226470127

碩士 === 淡江大學 === 會計學系碩士班 === 96 === The purpose of this research is to search for the proper measurement index of the innovative capital and explore its effect on the value of firm. There are past researches from input aspect as well as output aspect, and the proxy variables of every aspect is chosen not certainly. Nevertheless, every proxy variable has different effect on the value of the firm. The samples were from the listed companies in Taiwan and using the Ohlson model as an empirical model. In the input aspect, the research and development expenditure was divided into an expense model and a capitalization model, the empirical result showed that the capitalization of research and development expenditure had better explanatory power on the value of the firm. In the intermediate output aspect, the explanatory power on the value of the firm by the approved patents in USA and the patent citation from USA were all better than the explanatory power by the approved patents in Taiwan. The total amount of loyalty income, technical reward and technical service revenue was the proxy variable “Innovation Income” of the final output aspect of this research. The empirical result showed that innovation income has positive impact on the value of the firm that could be one of the indicators to explain the value of the firm. Summarizing the research results, expect for patents capital stock, these showed a positive significant relationship between the other proxy variables of various aspects and the value of the firm. No matter by single aspect or three aspect together, the correlation between innovation capital and the value on firm changes little, meaning that innovation capital measured only from single aspect also could observe the creation of value of the firm, especially in output aspect, could be better index when investors were selecting investment objects.